The opportunity for green investments in Nigeria was recently emphasised at the bi-annual Nordic Nigeria Connect. Nordic business and embassies gathered in Lagos to share experiences and explore business opportunities between the Nordic countries and Nigeria.
Nigeria is Africa’s most populous country with about 230 million people and has the largest number of people without electricity, approximately 90 million.
Rapid population growth and climate commitments make the country a high-potential market for renewable energy and sustainable business solutions.
Norwegian Involvement in Energy Transition in Nigeria
Norwegian expertise and capital can support Nigeria’s transition to low-carbon, renewable energy. Norway is one of Nigeria’s largest trading partners in Africa, exporting goods like mineral oils and stockfish.
Norwegian companies, backed by private investors and state funds like Norfund and the Climate Investment Fund, are investing in renewable energy and energy-efficient technologies in Nigeria.
Neighbourhood supermarket chain Justrite installed solar panels in 21 stores with Norwegian investment worth $11 million.
The result of this was the creation of 130 jobs, a reduction in electricity costs with a cut of about 4,000 tons of CO₂ per year.
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Solar energy imports to Africa increased by 60% last year, showing growing adoption.
This takes Nigeria one step further towards its climate goals. It aims to reduce greenhouse gas emissions by 32% by 2035 from 2018 levels. More so, to achieve 50% renewable energy in the power mix by 2030 and net zero by 2060.
To reach these goals, Nigeria seeks investment and expertise from developed countries, particularly in clean energy.
For Nigeria, it will achieve a stable energy supply, job creation, cost savings, and reduced emissions. For Norwegian investors, it gets profitable, sustainable returns and enhanced bilateral trade relationships.
While these exist, there is also the mutual benefit of sustainable development aligns economic gain with environmental goals.
Nigeria presents massive potential for green investment, especially in solar energy and low-carbon technologies. Norwegian companies, with their expertise in renewable energy, are well positioned to help Nigeria meet its climate and energy goals, creating a win-win for both countries.
